U.S. Steel stock up 3% after Q1 earnings beat views

us.-steel-stock-up-3%-after-q1-earnings-beat-views

Shares of U.S. Steel Corp. X, +1.29% rose nearly 3% in the extended session Thursday after the steel maker reported adjusted earnings above expectations and revenue that met estimates, saying that customers are noticing the importance of having a domestic steel source. U.S. Steel said it earned $882 million, or $3.02 a share, in the quarter, compared with $91 million, or $1.08 a share, in the year-ago quarter. Adjusted for one-time items, the company earned $3.05 a share. Revenue rose to $5.2 billion from $3.7 billion a year ago. Analysts polled by FactSet expected U.S. Steel to report earnings of $3.02 a share on sales of $5.2 billion. “Today’s geopolitical uncertainty and elevated raw material cost environment reinforces to customers the importance of steel that is mined, melted and made in the USA,” the company said. “Our iron ore mines are a unique competitive advantage that cannot be easily replicated by other competitors.” Shares of U.S. Steel ended the regular trading day up 1.3%.

Source: Marketwatch

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